MT Gox Gears Up to Distribute Bitcoin and Bitcoin Cash, Will Sell BSV and Other Cryptos
MT Gox is finally ready to move with the distribution of cryptos six years on since it entered bankruptcy according to a draft plan shared by email to be distributed at the latest creditors meeting.
All other cryptos however will be sold, with BSV specifically mentioned, but there is also Bitcoin Gold and others.
A portion will be given in fiat, with that fiat portion secured back in 2018, so there will be no sell pressure for bitcoin or BCH where the trustee is concerned, but some 135,000 BSV will be sold or have been sold already with the trustee not specifying that point.
The fiat portion will be sent directly to the bank account of creditors either in yen, in usd, or in euro.
The BTC and BCH portion will be sent through a number of specified exchanges with none of them named currently.
Holistically creditors are expected to receive about 25% of the original amount in a combination of btc/bch and fiat.
That puts them all into substantial profit over the original investment despite it technically being around 25 cent to the dollar, because bitcoin’s price has risen a lot since 2014 when the coins became unavailable.
This is a draft proposal, but generally it appears to be sound and largely it seems to take a common sense approach, so you’d expect it to be approved tomorrow when the creditors meeting takes place.
That means very soon, hopefully in weeks not months, thousands of cryptonians will get a stimulus of their own as the equivalent of 200,000 BTC and BCH is distributed across the world in fiat and in crypto according to each creditor’s preference.